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IOTA Launches New Staking Feature, IOTA Price Increases 20%

Anna Martynova

The IOTA Network has announced the launch of the Shimmer Network. This network will be a testnet that will introduce a new staking feature for IOTA tokens. Perhaps amid this announcement, the IOTA token is gaining momentum in the cryptocurrency market. On November 17, the price of IOTA rose nearly 20% and traded above $1.4. IOTA's market cap is approaching $4 bln, making it one of the 50 largest cryptoassets by this indicator.

In a blog post published on November 17, the IOTA Foundation announced that it will launch staking for users on the platform. This will increase the utility of the IOTA token and provide token holders with new opportunities to receive rewards for participating in the ecosystem. The post also notes that the recently launched test network for staking will allow for fair distribution of tokens on the network.

The supply of IOTA tokens is limited, therefore, network participants cannot be rewarded with new IOTA tokens, but only with new applications or crypto networks. Those who stake IOTA tokens on the Shimmer network will be rewarded with Shimmer tokens. The post also notes that the entire supply of Shimmer tokens will be distributed to IOTA stakeholders.

Image: IOTA Foundation Blog

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